It maybe not the first time but definitely not the last time that somebody claimed to have more profitability than what it actually can offer. But Curtis Arnold’s video mentioned a great deal of principles and concepts which is instructive and refreshing. While it is true that to be a great trader, one must acquire skills and discipline for 10 years. He also mentioned that the important things to remember to build a successful carrier. He also mentioned the theme of consistency and that those who are struggling have the tendency to jump from one system to another system. He also taught correct money management. Basing his patterns in the trend of continuity. That only shows he managed to established his own trend with stop management as an extension of the pattern.
But we should be careful in following his system. The triangle breakout is somehow not safe since even if it is very clear on paper, but when applied on his trade examples, seemed it loose. The problem with this is; it’s not easy to recognize it in real time/ Also, this can be tricky when it is in development and false read of completion is very common. Lastly, the triangle in Elliot Wave on shown in Wave B, Wave 4 or Wave X- this pattern can end the whole move- this limits the upside. But all in all, this video is worth watching for.
But on July 31, 1997, CFTC filed an administrative complaint against Curtis McNair Arnold and London Financial Inc. for fraud and the failure to register in connection with marketing. The alleged fraud started since 1996. They were told to pay $100,000 for these violations done after Nov 27, 1996 and prohibits them to trade for 3 years.